CARE reaffirms ratings of Industrial Progressive’s bank facilities

10 Dec 2014 Evaluate

Credit rating agency, CARE has reaffirmed ‘BB+’ rating to Industrial Progressive’s long-term bank facilities worth Rs 36.30 crore. The rating agency has also reaffirmed ‘A4+’ rating to the company’s short-term bank facilities worth Rs 4.32 crore.

The ratings are constrained by the working capital-intensive nature of operations, moderate financial risk profile, vulnerability to changes in the government policies and environmental conditions and competition. The ratings continue to draw comfort from the promoter’s experience in the dairy business, well-recognized brands in northern India and established procurement and marketing arrangements.

Industrial Progressive (IPIL) is an ISO 9001:2008 & HACCP certified company and is engaged in the manufacturing of various Milk products under the brand name ‘Doaba’ and ‘Milk Country’. The product range of the company includes ghee, skimmed milk powder (SMP), butter, casein, whey powder and liquid milk.

Peers
Company Name CMP
Nestle 2623.30
Britannia Inds 4889.75
Varun Beverages 1400.65
Marico 499.00
Godrej Agrovet 486.25
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